MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIACAR PRIVATE LIMITED |
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Formerly Known As : |
INDIACAR.COM PRIVATE LIMITED |
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Registered Office : |
11 – A, Turf Seth View Nehru Planet Ariumrd, Worli, Mumbai – 400018,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.12.1999 |
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Com. Reg. No.: |
123409 |
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CIN No.: [Company
Identification No.] |
U72900MH1999PTC123409 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUM105661F |
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PAN No.: [Permanent
Account No.] |
AAACI6921M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Seller of Mercedes Benz Vehicles Car Parts and Accessories etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 480000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Krishna, Finance Manager is keen to know original inquiries name
before he parts require details. Subject is a part of Sanghi Organization well known marketers of cars.
Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. Krishna |
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Designation : |
Finance Manager |
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Date : |
10.12.2008 |
LOCATIONS
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Registered Office : |
11 – A, Turf Seth View Nehru Planet Ariumrd, Worli, Mumbai – 400018,
Maharashtra, India |
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Tel. No.: |
91- 22- 24913333/ 24945464 |
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Fax No.: |
91- 22- 24947052 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Mahendra Sanghi |
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Designation : |
Director |
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Address : |
94, Sanghi House, Napean Sea Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
16.05.1957 |
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Date of Appointment : |
13.12.1999 |
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Name : |
Mrs. Manju Sanghi |
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Designation : |
Director |
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Address : |
94, Sanghi House, Napean Sea Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
17.02.1943 |
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Date of Appointment : |
31.12.1999 |
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Name : |
Mr. Vaibhav Sanghi |
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Designation : |
Director |
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Address : |
94, Sanghi House, Napean Sea Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
08.02.1964 |
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Date of Appointment : |
31.12.1999 |
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Name : |
Mr. Ashwin Sanghi |
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Designation : |
Director |
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Address : |
94, Sanghi House, Napean Sea Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
25.01.1969 |
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Date of Appointment : |
06.07.1989 |
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Name : |
Mr. Gaurang Sanghi |
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Designation : |
Director |
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Address : |
94, Sanghi House, Napean Sea Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
15.03.1959 |
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Date of Appointment : |
10.01.2003 |
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Name : |
Mr. Jaimin Bhatt |
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Designation : |
Director |
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Address : |
94, Sanghi House, Napean Sea Road, Mumbai – 400026, Maharashtra, India
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Date of Birth/Age : |
30.03.1962 |
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Date of Appointment : |
10.01.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Seller of Mercedes Benz Vehicles Car Parts and Accessories etc. |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kanu Doshi Associates Chartered Accountant |
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Address : |
24 Morvi House, Dr. Sundarlal Bahl Marg, Ballard Estate, Mumbai –
400038, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 29.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/- Each |
Rs.15.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10/- Each |
Rs.5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
91.716 |
76.203 |
39.067 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
96.716 |
81.203 |
44.067 |
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LOAN FUNDS |
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1] Secured Loans |
12.776 |
5.693 |
22.470 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
12.776 |
5.693 |
22.470 |
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DEFERRED TAX LIABILITIES |
1.141 |
1.177 |
0.993 |
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TOTAL |
110.633 |
88.073 |
67.530 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.333 |
17.095 |
11.964 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
53.613
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36.705 |
23.757 |
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Sundry Debtors |
8.999
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37.923 |
34.084 |
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Cash & Bank Balances |
12.701
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68.420 |
40.837 |
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Other Current Assets |
0.000
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0.000 |
0.132 |
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Loans & Advances |
142.511
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62.662 |
51.717 |
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Total
Current Assets |
217.824
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205.710 |
150.527 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
94.880
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11.312 |
80.616 |
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Provisions |
43.446
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23.420 |
14.346 |
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Total
Current Liabilities |
138.326
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34.732 |
94.962 |
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Net Current Assets |
79.499
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70.977 |
55.565 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
110.633 |
88.073 |
67.530 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales |
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1093.454 |
944.162 |
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Other Income |
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24.567 |
31.026 |
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Net Sales |
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1118.021 |
975.188 |
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Profit/(Loss) Before Tax |
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41.372 |
47.893 |
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Provision for Taxation |
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15.064 |
21.283 |
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Profit/(Loss) After Tax |
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26.308 |
26.610 |
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Expenditures : |
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Purchase |
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994.359 |
845.724 |
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Operating, Selling and Administrative
Expenses |
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71.981 |
73.365 |
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Increase/(Decrease) in Finished Goods |
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(16.908) |
(12.948) |
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Payment and Provision to Employee |
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21.257 |
16.308 |
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Financial Expenses |
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1.941 |
2.622 |
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Depreciation |
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4.019 |
2.224 |
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Total Expenditure |
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1076.649 |
927.295 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
02.35
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02.72 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
03.78
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05.07 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.60
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21.49 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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42.77
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1.08 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.56
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0.49 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
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1.57
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5.92 |
1.58 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8
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This form is for |
Creation of
charge |
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Charge
identification number of the modified
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Corporate
identity number of the company |
U72900MH1999PTC123409 |
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Name of the
company |
INDIACAR PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
11 – A, Turf Seth View Nehru Planet Ariumrd, Worli, Mumbai – 400018,
Maharashtra |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Letter of hypothecation of stocks and book debts |
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Date of
instrument Creating the charge |
18.09.2007 |
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Amount secured by
the charge |
Rs.80.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank from time to time. Terms of
Repayment Demand Margin Borrower shall at
all times during the continuance of this security maintain the said debts of
a sufficient amount to provide the margin of security as may from time to
time advised by the bank. Extent and Operation
of the charge Hypothecation by
way of exclusive charge on company’s stocks, book debts etc. both present and
future to secure as a continuing security. |
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Short particulars
of the property charged |
Hypothecation by
way of first charge on All the stock in
trade both present and future consisting of raw materials, Finish Goods,
Goods in process of manufacturing and other merchandise, whatsoever being
movable properties. |
FIXED ASSETS
- Computer
Software
- Computer
Peripherals
- Furniture and
Fixture
- Office
Equipment
- Workshop
Plant and Machinery
- Motor Vehicle
- Air
Conditioner
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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